Stocks fell for the fifth consecutive session yesterday as lower-than-expected dividend declarations by most banks depressed investors.
DSEX, the benchmark index of the premier bourse, declined 41.06 points or 0.72 percent to finish the day at 5,642.46.
Of the 30 listed banks, 16 declared lower dividends than previous year while six announced higher dividends, according to DSE statistics.
The day started in optimism but the buoyancy did not sustain amid a selling spree mainly of large cap stocks, EBL Securities said in its daily market analysis.
“As banks are a major sector, worse-than-expected dividend from the sector affected investor sentiment,” said Mostaque Ahmed Sadeque, president of DSE Brokers Association.
Turnover, another important indicator of the market, also dropped 4 percent to Tk 472.97 crore, with 13.35 crore shares and mutual fund units changing hands on the DSE.
Of the traded issues, 83 advanced, 223 declined and 32 closed unchanged on the premier bourse.
Beximco dominated the turnover chart with 90.85 lakh shares worth Tk 28.37 crore changing hands, followed by Western Marine Shipyard, Square Pharmaceuticals, United Power Generation and Grameenphone. Among the major sectors, textile shares saw a 1.80 percent fall, followed by pharmaceuticals 0.76 percent, engineering 0.71percent, banks 0.63 percent and financial institutions 0.42 percent. Conversely, fuel and power as well as mutual funds increased 1.04 percent and 0.52 percent respectively in market capitalisation. Western Marine Shipyard was the day's best performer with 9.62 percent gain, followed by United Power Generation, SEML Lecture Equity Management and Bangladesh General Insurance Company.
Dulamia Cotton was the worst loser, shedding 6.81 percent followed by Standard Insurance, Queen South Textiles and HR Textile. Chittagong stocks also fell yesterday with the bourse's benchmark index, CSCX, falling 88.99 points or 0.84 percent to finish the day at 10,524.96.
Losers beat gainers as 141 declined, 60 advanced and 31 finished unchanged on the Chittagong Stock Exchange.
The port city bourse traded 73.83 lakh shares and mutual fund units worth Tk 22.31 crore in turnover.
source: Star Business Report